Indian Farming Market Propelled by Favorable Government Initiatives

Indian Farming Market to Reach INR 30,675 Billion by 2024, Propelled by Favorable Government Initiatives

The latest report by IMARC Group, titled “Indian Farming Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian farming market size reached INR 16,587 Billion in 2018. Farming is the activity of growing crops and keeping and rearing animals with the objective of cultivating food products or raw materials. Farming is the primary source of livelihood for more than half of the Indian population. Home to a vast agricultural land and agro-ecological diversity, the agriculture and allied sectors account for a significant share in India’s Gross Domestic Product (GDP). Over the years, the farming sector has undergone significant developments in terms of farm mechanization, improved irrigation techniques and easy availability of credit.

Market Trends:

Rapid population growth along with expanding household incomes across India are providing an impetus to farm production across the region. In addition to this, contract farming, an agreement between corporates and farmers for the production and supply of agricultural products, is an emerging concept in the region which is contributing significantly to the market growth. Apart from this, growing health-consciousness among consumers has escalated the demand for organically grown food as it is considered safer than conventional products. As a result, this has led farmers to shift from chemical farming to organic farming. Furthermore, initiatives such as AGRI-UDAAN undertaken by the Government of India to improve the agricultural infrastructure of the country is also catalyzing the growth of the market. The Government has also implemented the Transport and Marketing Assistance (TMA) scheme which aims to provide financial aid for the marketing and transportation of farm products to boost agriculture exports. Looking forward, the market is anticipated to reach INR 30,675 Billion by 2024, expanding at a CAGR of 10.8% during 2019-2024.

Market Summary:

On the basis of the crop type, the market has been divided into fruits, vegetables, cereals, plantation crops, spices, pulses and others. Amongst these, plantation crops represent the most popular product type.

Based on the application, the market has been categorized into fresh consumption, food processing, healthcare, feed, textiles and others. Currently, food processing accounts for the majority of the total market share.

On the basis of the distribution channel, traditional retail represents the dominant market segment. Other major distribution channels include self-consumption, business-to-business, modern retail and online.

On the geographical front, the market has been classified as North, South, East and West India. At present, South India exhibits a clear dominance in the market.

Based on the crop seasonality, the market has been segmented as rabi, kharif and zaid.

The competitive landscape has also been analyzed with the detailed profiles of the key player operating in the market.

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IMARC offers market research reports and consulting services to clients consisting of, but not limited to, SMEs and Fortune 500 companies. Our team of skilled analysts focuses on understanding the requirements of our clients so as to provide insights best suited to their unique needs.